CHF/PLN Weekly Update

General Overview:

Recent price development
urged to change to count due to no impulsive price rection after
previous wave 4 low. The new count indicates, that wave 4 is a classical
traiangle pattern anr recent range breakout is first wave (i)  to the
upside that on Daily chart has been finished and now a correction is
due. When corrective wave (ii) will be done, powerfull wave (iii) is
just about the corner.

The Key Level is 55 period moving average – the last time price went to this level it was heavily bought.

If Extended Triangle pattern line will be broken, then this would be first clue that low is in.


Support/Resistance:

3.700  – Swing High
3.5500 – Extended Triangle pattern trend line
3.4750 – 100 WMA
3.4150 – 55 WMA
3.3000 – Wave one low/Bullish count invalidation level
3.2650 – Swing Low

Trading Recommendation:
Buy the dips with SL below 3.300 and POTENTIAL target of 4.100 easy.

Seb

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About the author

Sebastian Seliga

Aktywny trader, analityk, ekspert metod inwestycyjnych bazujących na teorii fal Elliott'a, geometrii Fibonacciego i nie tylko.

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